MSFU vs. TMF
MSFU (Direxion Daily MSFT Bull 2X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - MSFU is a Leveraged Equities fund tracking the Microsoft Corporation (200%), while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past 3 years, MSFU returned 3.90%/yr vs -20.63%/yr for TMF. Their 0.04 correlation means their historical movements had little consistent relationship. MSFU charges 0.98%/yr vs 1.01%/yr for TMF.
Performance
MSFU vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, MSFU achieves a -18.87% return, which is significantly lower than TMF's -16.67% return.
MSFU
- 1D
- 5.90%
- 1M
- 37.88%
- 6M
- 4.85%
- YTD
- -18.87%
- 1Y
- -34.49%
- 3Y*
- 3.90%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.80%
TMF
- 1D
- -2.08%
- 1M
- -12.05%
- 6M
- -15.79%
- YTD
- -16.67%
- 1Y
- -18.44%
- 3Y*
- -20.63%
- 5Y*
- -34.74%
- 10Y*
- -18.47%
- ALL TIME*
- -6.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $236.35M | $210.49M | $216.20M | |
| $161.82M | $130.43M | $127.82M |
MSFU vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MSFU Direxion Daily MSFT Bull 2X Shares | -18.87% | 13.36% | 5.80% | 83.04% | -13.28% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -16.67% | -2.94% | -35.95% | -13.01% | -24.04% |
Correlation
The correlation between MSFU and TMF is 0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.02 |
Correlation (3Y) Balances recent behavior with more history. | 0.02 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022 | 0.04 |
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Return for Risk
MSFU vs. TMF — Risk / Return Rank
MSFU
TMF
MSFU vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSFT Bull 2X Shares (MSFU) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| MSFU | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 0.93 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | -0.53 | -0.07 |
| Martin ratioReturn relative to average drawdown | -0.98 | -1.07 | +0.09 |
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Drawdowns
MSFU vs. TMF - Drawdown Comparison
The maximum MSFU drawdown since its inception was -62.43%, smaller than the maximum TMF drawdown of -93.10%. Use the drawdown chart below to compare losses from any high point for MSFU and TMF.
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Drawdown Indicators
| MSFU | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.43% | -93.10% | +30.67% |
Max Drawdown (1Y)Largest decline over 1 year | -62.43% | -28.69% | -33.74% |
Max Drawdown (3Y)Largest decline over 3 years | -62.43% | -50.64% | -11.79% |
Max Drawdown (5Y)Largest decline over 5 years | — | -89.14% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.10% | — |
Current DrawdownCurrent decline from peak | -37.20% | -93.10% | +55.90% |
Average DrawdownAverage peak-to-trough decline | -18.02% | -44.07% | +26.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.69% | 14.10% | +23.59% |
Volatility
MSFU vs. TMF - Volatility Comparison
Direxion Daily MSFT Bull 2X Shares (MSFU) has a higher volatility of 29.64% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.21%. This indicates that MSFU's price experiences larger fluctuations and is considered to be riskier than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSFU | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.64% | 7.21% | +22.43% |
Volatility (6M)Calculated over the trailing 6-month period | 51.29% | 19.98% | +31.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 63.22% | 27.35% | +35.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.57% | 46.36% | +3.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.57% | 43.70% | +5.87% |
MSFU vs. TMF - Expense Ratio Comparison
MSFU has a 0.98% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
MSFU vs. TMF - Dividend Comparison
MSFU's dividend yield for the trailing twelve months is around 9.13%, more than TMF's 4.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
MSFU Direxion Daily MSFT Bull 2X Shares | 9.13% | 8.15% | 7.00% | 2.11% | 0.54% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.74% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
MSFU and TMF have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSFU has higher volatility (29.64%) compared to TMF (7.21%). In terms of maximum drawdown, MSFU dropped -62.43% vs TMF's -93.10%.
On 3-year performance, MSFU leads with 3.90% vs -20.63% for TMF. On fees, MSFU is cheaper at 0.98% per year. On volatility, TMF has been the lower-risk option at 7.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, MSFU has performed better with a 3.90% return vs -20.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MSFU is cheaper with a 0.98% expense ratio, compared with 1.01% for TMF.
MSFU has the higher dividend yield at 9.13%, compared with 4.74% for TMF.
MSFU is categorized as Leveraged Equities, while TMF is Leveraged Bonds. MSFU tracks Microsoft Corporation (200%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 0.98% for MSFU and 1.01% for TMF.
TMF currently has the higher Sharpe Ratio (-0.55 vs -0.59), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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